BE 15-5 Data pertaining to job cost sheets for Reyes Tool & Die are given in BE15-3 and BE15-4. Prepare the job cost sheets for each of the three jobs. (Note: You may omit the column for manufacturing overhead).
Data given in BE15-3 and 15-4:
BE 15-3 In January, Reyes Tool & Die requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600.
BE 15-4 During January, time tickets show that the factory labor of $5,000 was used as follows: Job 1 $1,200, Job 2 $1,600 Job 3 $1,400, and general factory use $800.
Click here for the solution: Data pertaining to job cost sheets for Reyes Tool & Die are given in BE15-3 and BE15-4
Showing posts with label sheets. Show all posts
Showing posts with label sheets. Show all posts
Sunday, September 27, 2015
Thursday, September 24, 2015
The current sections of Bellinham Inc.'s balance sheets at December 31, 2007 and 2008, are presented here
ACC 560 Week 9 Assignment
E13-5 The current sections of Bellinham Inc.'s balance sheets at December 31, 2007 and 2008, are presented here.
Bellinham's net income for 2008 was $153,000. Depreciation expense was $24,000.
2008 2007
Current assets
Cash $105,000 $99,000
Accounts receivable 110,000 89,000
Inventory 158,000 172,000
Prepaid expenses 27,000 22,000
Total current assets $400,000 $382,000
Current liabilities
Accrued expenses payable $15,000 $5,000
Accounts payable 85,000 92,000
Total current liabilities $100,000 $97,000
Instructions
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2008, using the indirect method.
Click here for the solution: The current sections of Bellinham Inc.'s balance sheets at December 31, 2007 and 2008, are presented here
E13-5 The current sections of Bellinham Inc.'s balance sheets at December 31, 2007 and 2008, are presented here.
Bellinham's net income for 2008 was $153,000. Depreciation expense was $24,000.
2008 2007
Current assets
Cash $105,000 $99,000
Accounts receivable 110,000 89,000
Inventory 158,000 172,000
Prepaid expenses 27,000 22,000
Total current assets $400,000 $382,000
Current liabilities
Accrued expenses payable $15,000 $5,000
Accounts payable 85,000 92,000
Total current liabilities $100,000 $97,000
Instructions
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2008, using the indirect method.
Click here for the solution: The current sections of Bellinham Inc.'s balance sheets at December 31, 2007 and 2008, are presented here
Scully Corporation's comparative balance sheets are presented below
ACC 560 Week 9 Assignment
E13-7 Scully Corporation's comparative balance sheets are presented below.
SCULLY CORPORATION
Comparative Balance Sheets
December 31
2008 2007
Cash $14,300 $10,700
Accounts receivable 21,200 23,400
Land 20,000 26,000
Building 70,000 70,000
Accumulated depreciation (15,000) (10,000)
Total $110,500 $120,100
Accounts payable $12,370 $31,100
Common stock 75,000 69,000
Retained earnings 23,130 20,000
Total $110,500 $120,100
Additional information:
1. Net income was $22,630. Dividends declared and paid were $19,500.
2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,900.
3. Prepare a statement of cash flows for 2008 using the indirect method.
Click here for the solution: Scully Corporation's comparative balance sheets are presented below
E13-7 Scully Corporation's comparative balance sheets are presented below.
SCULLY CORPORATION
Comparative Balance Sheets
December 31
2008 2007
Cash $14,300 $10,700
Accounts receivable 21,200 23,400
Land 20,000 26,000
Building 70,000 70,000
Accumulated depreciation (15,000) (10,000)
Total $110,500 $120,100
Accounts payable $12,370 $31,100
Common stock 75,000 69,000
Retained earnings 23,130 20,000
Total $110,500 $120,100
Additional information:
1. Net income was $22,630. Dividends declared and paid were $19,500.
2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,900.
3. Prepare a statement of cash flows for 2008 using the indirect method.
Click here for the solution: Scully Corporation's comparative balance sheets are presented below
Friday, September 18, 2015
The comparative condensed balance sheets of Conard Corporation are presented below
ACC 291 Week 5 Assignment
E14-3 The comparative condensed balance sheets of Conard Corporation are presented below.
CONARD CORPORATION
Comparative Condensed Balance Sheets
December 31
Assets
Current assets $ 74,000 $ 80,000
Property, plant, and equipment (net) 99,000 90,000
Intangibles 27,000 40,000
Total assets $200,000 $210,000
Liabilities and stockholders’ equity
Current liabilities $ 42,000 $ 48,000
Long-term liabilities 143,000 150,000
Stockholders’ equity 15,000 12,000
Total liabilities and stockholders’ equity $200,000 $210,000
Instructions
1. Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2011 as a base.
2. Prepare a vertical analysis of the balance sheet data for Conard Corporation in columnar form for 2012.
CONARD CORPORATION
Comparative Condensed Balance Sheets
December 31
Assets
Current assets $ 74,000 $ 80,000
Property, plant, and equipment (net) 99,000 90,000
Intangibles 27,000 40,000
Total assets $200,000 $210,000
Liabilities and stockholders’ equity
Current liabilities $ 42,000 $ 48,000
Long-term liabilities 143,000 150,000
Stockholders’ equity 15,000 12,000
Total liabilities and stockholders’ equity $200,000 $210,000
Instructions
1. Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2011 as a base.
2. Prepare a vertical analysis of the balance sheet data for Conard Corporation in columnar form for 2012.
Click here for the solution: The comparative condensed balance sheets of Conard Corporation are presented below
Wednesday, September 2, 2015
The comparative balance sheets for Redwood Corporation for 2011 and 2012 follow
The comparative balance sheets for Redwood Corporation for 2011 and 2012 follow:
Balance Sheets
As of December 31
2011
Assets
Cash 40,600
Accounts Receivable 22,000
Merchandise Inventory 176,000
Prepaid Rent 4,800
Equipment 288,000
Accumulated Depreciation (236,000)
Land 80,000
Total Assets $375,400
2012
Assets
Cash 68,800
Accounts Receivable 30,000
Merchandise Inventory 160,000
Prepaid Rent 2,400
Equipment 256,000
Accumulated Depreciation (146,800)
Land 192,000
Total Assets $562,400
Liabilities
2011
Accts Payable (Inventory) 76,000
Salaries Payable 24,000
2012
Accts Payable (Inventory) 67,000
Salaries Payable 28,000
2011
Stockholders Equity
Common Stock, $25 par value 200,000
Retained Earnings 75,400
Total Liabilities and Stockholders Equity 375,400
2012
Stockholders Equity
Common Stock, $25 par value 250,000
Retained Earnings 217,400
Total Liabilities and Stockholders Equity 562,400
Income Statement
For the Year Ended December 31, 2012
Sales Revenue 1,500,000
Cost of Goods Sold (797,200)
Gross Profit 702,800
Operating Expense
Depreciation expense (22,800)
Rent expense (24,000)
Salaries expense (256,000)
Other operating expense (258,000)
Net Income $142,000
Other information
1. Purchased land for $112,000
2. Purchased new equipment for $100,000
3. Sold old equipment that cost $132,000 with accumulated depreciation of $112,000 for $20,000 cash.
4. Issued Common Stock for $50,000
Required
Prepare the statement of cash flows for 2012 using the indirect method.
Click here for the solution: The comparative balance sheets for Redwood Corporation for 2011 and 2012 follow
Balance Sheets
As of December 31
2011
Assets
Cash 40,600
Accounts Receivable 22,000
Merchandise Inventory 176,000
Prepaid Rent 4,800
Equipment 288,000
Accumulated Depreciation (236,000)
Land 80,000
Total Assets $375,400
2012
Assets
Cash 68,800
Accounts Receivable 30,000
Merchandise Inventory 160,000
Prepaid Rent 2,400
Equipment 256,000
Accumulated Depreciation (146,800)
Land 192,000
Total Assets $562,400
Liabilities
2011
Accts Payable (Inventory) 76,000
Salaries Payable 24,000
2012
Accts Payable (Inventory) 67,000
Salaries Payable 28,000
2011
Stockholders Equity
Common Stock, $25 par value 200,000
Retained Earnings 75,400
Total Liabilities and Stockholders Equity 375,400
2012
Stockholders Equity
Common Stock, $25 par value 250,000
Retained Earnings 217,400
Total Liabilities and Stockholders Equity 562,400
Income Statement
For the Year Ended December 31, 2012
Sales Revenue 1,500,000
Cost of Goods Sold (797,200)
Gross Profit 702,800
Operating Expense
Depreciation expense (22,800)
Rent expense (24,000)
Salaries expense (256,000)
Other operating expense (258,000)
Net Income $142,000
Other information
1. Purchased land for $112,000
2. Purchased new equipment for $100,000
3. Sold old equipment that cost $132,000 with accumulated depreciation of $112,000 for $20,000 cash.
4. Issued Common Stock for $50,000
Required
Prepare the statement of cash flows for 2012 using the indirect method.
Click here for the solution: The comparative balance sheets for Redwood Corporation for 2011 and 2012 follow
Tuesday, August 4, 2015
The comparative balance sheets for Vanco Company as of December 31 are presented below
P12-11A The comparative balance sheets for Vanco Company as of December 31 are presented below.
VANCO COMPANY
Comparative Balance Sheets
December 31
Assets 2012 2011
Cash $ 68,000 $ 45,000
Accounts receivable 50,000 58,000
Inventory 151,450 142,000
Prepaid expenses 15,280 21,000
Land 145,000 130,000
Equipment 225,000 155,000
Accumulated depreciation—equipment (45,000) (35,000)
Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000) (40,000)
Total $749,730 $676,000
Liabilities and Stockholders’ Equity
Accounts payable $ 44,730 $ 36,000
Bonds payable 300,000 300,000
Common stock, $1 par 200,000 160,000
Retained earnings 205,000 180,000
Total $749,730 $676,000
Additional information:
1. Operating expenses include depreciation expense of $42,000.
2. Land was sold for cash at book value.
3. Cash dividends of $12,000 were paid.
4. Net income for 2012 was $37,000.
5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash.
6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000.
Instructions
Prepare a statement of cash flows for the year ended December 31, 2012, using the indirect method.
Check: Cash from operations $94,000
Click here for the solution: The comparative balance sheets for Vanco Company as of December 31 are presented below
VANCO COMPANY
Comparative Balance Sheets
December 31
Assets 2012 2011
Cash $ 68,000 $ 45,000
Accounts receivable 50,000 58,000
Inventory 151,450 142,000
Prepaid expenses 15,280 21,000
Land 145,000 130,000
Equipment 225,000 155,000
Accumulated depreciation—equipment (45,000) (35,000)
Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000) (40,000)
Total $749,730 $676,000
Liabilities and Stockholders’ Equity
Accounts payable $ 44,730 $ 36,000
Bonds payable 300,000 300,000
Common stock, $1 par 200,000 160,000
Retained earnings 205,000 180,000
Total $749,730 $676,000
Additional information:
1. Operating expenses include depreciation expense of $42,000.
2. Land was sold for cash at book value.
3. Cash dividends of $12,000 were paid.
4. Net income for 2012 was $37,000.
5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash.
6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000.
Instructions
Prepare a statement of cash flows for the year ended December 31, 2012, using the indirect method.
Check: Cash from operations $94,000
Click here for the solution: The comparative balance sheets for Vanco Company as of December 31 are presented below
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